"These demonstrate a great deal of goodwill towards the school. However, I have not been able to find information in the submissions that give me confidence that the proprietor will be able to resolve the issues it faces.
"The roll of the school has dropped to about 49 students and the financial information provided suggests the proprietor's indebtedness will grow because of the financial costs associated with building assessment and earthquake-strengthening," said Ms Parata.
Chairman of the college board of Proprietors, Rev Wayne Te Kaawa, said neither the school nor the Presbyterian Church, which founded the school 110 years ago, had sufficient funds to pay for earthquake strengthening.
"It will cost millions of dollars, and we are calling on iwi leaders and business for sponsorship.
"We also need to increase the roll dramatically in order to maintain the school and hostel," he said.
Nga Wahine Tawhito o Turakina Nga Hara Inc president Hemaima Eichsteadt said the association would continue working to encourage new students.
"A number of Taranaki whanau have expressed interest in their daughters attending next year, and we are planning road trips to Wanganui and Wellington to promote the school.
"The minister's decision is not final - this is the second consultation round, and we will continue to promote the school as we have been," she said.
Ms Parata said: "My priority is to provide parents and students with certainty for 2016 in as timely a fashion as possible."
Rangitikei mayor Andy Watson said he was stunned by the decision. "It is very disappointing. I feel sorry for the school," he said.
"My understanding is that a number of things had been instigated which were positive."
But a second round of consultation was always an option, he said. "In that respect that's positive. Maybe they (the ministry) are saying 'tell us what has happened in the interim'. That's the only positive. They're obviously open to a discussion."
The consultation will run until November 6, after which the ministry will develop a report.
If the final decision is to close the school, the deadline is January 17, 2016.